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Investing.com -- German startup Neura Robotics is looking to raise as much as €1 billion ($1.2 billion) in new funding as it prepares to launch a humanoid robot, according to Bloomberg, citing sources.
The company has begun approaching potential investors about the fundraising effort, which would support its entry into the competitive bipedal robot market. These robots are designed to lift heavy objects and automate repetitive tasks, leveraging recent advances in artificial intelligence software.
Neura Robotics is still in the early stages of its fundraising discussions. The company has not yet finalized the details of the funding round or determined its potential valuation. According to sources familiar with the matter, Neura might consider raising a smaller amount of capital initially before pursuing the full €1 billion target.
The German startup will face competition from several well-funded companies that are also developing humanoid robots with similar capabilities, including Tesla (NASDAQ:TSLA).
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